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In 2014 circa 170 thou. sq.m. of warehouses are expected for commissioning in St. Petersburg

In 2013 in St. Petersburg 54,2 thou.sq.m. of leasable area were delivered to the warehouse market. As of the end of the reporting year the overall GLA of high quality warehouse complexes totaled 1,509.2 thou. sq.m, increased by 3.8% for a yearly period.

In 2014 circa 170 thou. sq.m. of premises are expected for commissioning in St. Petersburg market, which is three times higher than that of 2013. As a result, the total supply volume of warehouse premises will be increased by 11.2% and be estimated at 1,678.7 thou. sq.m.

According to statistics of the inquiries received by ASTERA an alliance member of BNP Paribas Real Estate, demand for warehouse premises was mostly driven by industrial companies constituting 40.5% of total demand. Shares of transportation, logistics and retail companies were approximately the same – 20% each.

Warehouse premises ranging from 1,000 to 3,000 sq.m. were the most requested among tenants (40.5% of all inquiries). Facilities with area ranging from 500 to 1,000 sq.m. were also in great demand amounted to 31%.

In 2014 relatively high volume of new supply to be delivered. Upon that the share of Class B warehouses will estimate less than 10%. According to ASTERA analysts, in perspective the situation on the market of high-quality warehouse premises will be stabilized as demand to be provided with enough supply. However, demand for lower-class warehouses will still remain unsatisfied.

The full "Warehouse market review: the results of 2013, St. Petersburg" is available in "Market research" section.